Key Notes
- Vanguard is exploring offering access to third-party crypto ETFs, reversing its long-held anti-crypto position, according to a recent report.
- The potential shift is influenced by new CEO Salim Ramji, a BlackRock veteran, and is a response to strong client demand.
- The move comes as rivals like BlackRock, Fidelity, and Morgan Stanley are deepening their involvement in the digital asset space.
Asset management giant Vanguard is reportedly reversing its long-held anti-crypto stance and preparing to offer its brokerage clients access to third-party exchange-traded funds (ETFs).
The development was first reported by Crypto In America on Sept. 26. Citing a source familiar with the company’s plans, the report indicates the move is a response to strong client demand and a shifting regulatory environment.
The potential shift in strategy comes under the leadership of CEO Salim Ramji, a 10-year BlackRock veteran who took the helm last year. While at BlackRock, Ramji was instrumental in overseeing the launch of the firm’s highly successful iShares Bitcoin Trust (IBIT), which has accumulated over $80 billion in assets since January 2024
Ramji’s recent public statements align with this potential strategy. Speaking at the Morningstar Investment Conference in July, he reiterated that Vanguard had no plans to launch its own crypto ETFs, but notably sidestepped questions about offering access to third-party products on its platform.
Vanguard plays catch-up to crypto-friendly rivals
Vanguard’s conservative stance on digital assets puts it behind competitors like Fidelity Investments and Charles Schwab, which have already embraced crypto offerings for their clients.
The contrast is particularly sharp with BlackRock, the former firm of Vanguard’s current CEO. BlackRock has found significant success with its products, as its BlackRock’s Ethereum ETF recently saw record inflows and now manages over $17 billion in assets.
Fidelity has also established a strong presence in the market. The firm’s Ethereum ETF has been a leading performer, highlighting the institutional appetite that Vanguard has so far avoided.
Fidelity’s involvement also extends beyond products into market research. In a recent report, the asset manager predicts a Bitcoin supply crunch based on accumulation trends from long-term holders and public companies.
Meanwhile, the broader pressure from Wall Street continues to build. Morgan Stanley’s E*Trade is set to launch crypto trading for retail clients, a move that further isolates Vanguard’s cautious position.
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As a Web3 marketing strategist and former CMO of DuckDAO, Zoran Spirkovski translates complex crypto concepts into compelling narratives that drive growth. With a background in crypto journalism, he excels in developing go-to-market strategies for DeFi, L2, and GameFi projects.
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Source: https://www.coinspeaker.com/vanguard-mulls-third-party-crypto-etfs/
